Shares of Vikas Lifecare Ltd. rose on Thursday after it acquired land in Rajasthan for capacity expansion and augmentation of manufacturing operations.
The polymer manufacturer acquired 1,800 square meters of land adjoining the existing factories located at RIICO Industrial Area in Rajasthan's Shahjahanpur. The total cost of the acquisition and development of the land and the building will be around Rs 3 crore. While equipment for the expansion of production capacity will cost an additional Rs 23 crore.
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The new building will be ready for use within three to four months and will add close to Rs 60 crore to the gross revenue from the compounding business segment.
Shares of the company jumped 10.68%, the highest since Nov. 21, 2023, before paring gains to trade 7.77% higher at 10:25 a.m. This compares to a 0.57% advance in the NSE Nifty 50.
The stock has risen 18.09% in the last 12 months. Total traded volume so far in the day stood at 7.1 times its 30-day average. The relative strength index was at 68.82.
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